Sandhill Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2022, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $19,600, direct labor $11,760, and manufacturing overhead $15,680. As of January 1, Job 49 had been completed at a cost of $88,200 and was part of finished goods inventory. There was a $14,700 balance in the Raw Materials Inventory account on January 1. During the month of January, Sandhill Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were sold on account during the month for $119,560 and $154,840, respectively. The following additional events occurred during the month. 1. 2. 3. 4. Purchased additional raw materials of $88,200 on account. Incurred factory labor costs of $68,600. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $11,760; and various other manufacturing overhead costs on account $15,680. Assigned direct materials and direct labor to jobs as follows.

Sandhill Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2022, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $19,600, direct labor $11,760, and manufacturing overhead $15,680. As of January 1, Job 49 had been completed at a cost of $88,200 and was part of finished goods inventory. There was a $14,700 balance in the Raw Materials Inventory account on January 1. During the month of January, Sandhill Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were sold on account during the month for $119,560 and $154,840, respectively. The following additional events occurred during the month. 1. 2. 3. 4. Purchased additional raw materials of $88,200 on account. Incurred factory labor costs of $68,600. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $11,760; and various other manufacturing overhead costs on account $15,680. Assigned direct materials and direct labor to jobs as follows.

Name: Cc.83. Sandhill Company uses a job order cost system and applies overh
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Description: Cc.83. Sandhill Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1,2022. Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: dire

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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